Ethereum Sees Surge in Investor Confidence With Spot Inflows After 10-Day Outflow Streak

Ethereum has experienced spot inflows for the first time in the past 10 days, indicating a renewed sense of investor optimism leading up to the White House Crypto Summit on March 7.

As of the latest update, ETH is trading at $2,290, marking a 4% increase in price over the past 24 hours. With a growing bullish sentiment in the market ahead of the summit, there is potential for the altcoin to further extend its gains in the short term.

After a streak of 10 consecutive days of fund outflows totaling over $600 million, Coinglass reported spot inflows of $20 million for ETH on Thursday. The sudden surge in spot inflows signals a shift in investor sentiment, with renewed buying interest outweighing previous selling pressure.

Furthermore, Ethereum's open interest has seen a notable uptick, reaching $20 billion at present and showing a 4% increase in the last 24 hours. This rise in open interest reflects heightened market activity and increased capital inflows into ETH's futures market, reinforcing the current bullish trend.

Looking at ETH's Moving Average Convergence Divergence (MACD) on the daily chart, there is evident growth in demand for the cryptocurrency ahead of the impending Crypto Summit. The MACD line for ETH is on track to surpass the signal line, indicating a potential bullish crossover and strengthening upward momentum. This setup serves as a buy signal, enhancing the likelihood of further price surges for ETH, with a target of $2,361 if demand continues to grow.

On the flip side, in the event of a correction, ETH's price could dip below $2,000 to potentially trade at $1,990.